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National Grid has been ordered to make severe cuts to its planned £26 billion
investment in the energy network.

In an angry response to reductions demanded by Ofgem, the company warned that
Britain faced an increased risk of blackouts and added that the country may
also miss its green energy targets. It could appeal against the reductions
to the Competition Commission.

The energy regulator has said that it will authorise initial spending only up
to £17 billion, plus another £5 billion if there was “demonstrable need” for
it between 2013 and 2021. National Grid should make up the shortfall by